Is Celanese Corporation's (NYSE:CE) 21% ROE Better Than Average?
Is Celanese Corporation's (NYSE:CE) 21% ROE Better Than Average?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Celanese Corporation (NYSE:CE).
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。為了使課程立足於實踐，我們將使用淨資產收益率來更好地瞭解塞拉尼斯公司(紐約證券交易所股票代碼：CE)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率，即股本回報率，是評估一家公司從股東那裡獲得投資回報的有效程度的有用工具。換句話說，這是一個衡量公司股東提供的資本回報率的盈利比率。
See our latest analysis for Celanese
查看我們對塞拉尼斯的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
這個股本回報率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Celanese is:
因此，根據上面的公式，塞拉尼斯的淨資產收益率為：
21% = US$1.3b ÷ US$6.1b (Based on the trailing twelve months to June 2023).
21%=13億美元×61億美元(基於截至2023年6月的12個月的往績)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.21 in profit.
“回報”指的是一家公司過去一年的收益。這意味著，股東權益每增加1美元，公司就會產生0.21美元的利潤。
Does Celanese Have A Good ROE?
塞拉尼斯的淨資產收益率好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Celanese has a higher ROE than the average (15%) in the Chemicals industry.
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水準進行比較。重要的是，這遠遠不是一個完美的衡量標準，因為在同一行業分類中，公司的差異很大。正如你在下圖中看到的，塞拉尼斯的淨資產收益率高於化工行業的平均水準(15%)。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 3 risks we have identified for Celanese visit our risks dashboard for free.
這就是我們希望看到的。然而，請記住，高淨資產收益率並不一定意味著有效的利潤創造。尤其是當一家公司使用高水平的債務為其債務融資時，這可能會提高其淨資產收益率，但高槓桿將公司置於風險之中。要了解我們為塞拉尼斯確定的3個風險，請免費訪問我們的風險儀錶板。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有的公司都需要資金來投資於業務，以增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一種和第二種選擇的情況下，淨資產收益率將反映現金用於增長的這種情況。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，債務的使用可以提高淨資產收益率，儘管打個比方說，在暴風雨天氣的情況下會有額外的風險。
Combining Celanese's Debt And Its 21% Return On Equity
塞拉尼斯的債務及其21%的股本回報率
Celanese clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.34. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
塞拉尼斯顯然使用了大量債務來提高回報，因為它的債務與股本比率為2.34。毫無疑問，它的淨資產收益率是不錯的，但該公司背負的非常高的債務並不太令人興奮。債務確實會帶來額外的風險，所以只有當一家公司從債務中獲得一些可觀的回報時，它才是真正值得的。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率在比較不同企業的質量時很有用。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水準較低。如果兩家公司的淨資產收益率相同，那麼我通常會傾向於債務較少的那一家。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
但淨資產收益率只是一個更大的謎題的一部分，因為高質量企業的本益比往往很高。相對於股價反映的預期，利潤增長率是一個特別重要的考慮因素。因此，你可能想查看分析師對該公司預測的免費可視化。
But note: Celanese may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：塞拉尼斯可能不是最值得買入的股票。所以讓我們來看看這個免費高淨資產收益率和低負債的有趣公司名單。
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本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.